Please describe your proposed solution.
Many may be familiar with checkout pages or payment buttons for NFT projects within the Cardano space or even other ecosystems. Unfortunately no one has bridged the gap for native Fiat purchases for Cardano NFT’s. ADA based checkout pages are nice but also require a lot of work for a NEW buyer to get involved in an NFT community or project, leading to large drop-offs before purchasing. Intent is there, however it’s not easy enough.
Our solution is a unique checkout page for your project that you can link and manage from your Revelar account and dashboard. This will work per collection with unique “Products” for those wanting to sell different tiered assets. Where this solution primarily differs is the unique ability for a team’s customer to pay in Fiat. The primary impact is expansion of brand new ADA wallets and users with a deeper investment than “just” ADA in the Cardano ecosystem. When they become part of an active game community (or other) it creates a sense of ownership over the underlying blockchain. As a byproduct we also observe higher switching costs, thus keeping them in the Cardano ecosystem through the long run.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Fiat on ramp payment solutions are critical infrastructure for Games (in our focus case) that are choosing a blockchain to build their DApp on. One of the fastest ways to pay for access or assets in a blockchain based game is still the existing Fiat payment system.
This process of on-ramping customers into Cardano then lets users have a stake in the decentralized ecosystem. We will measure the number of unique game projects, products (assets and items), and volume of transactions run through this payment gateway as a measure of the success of downstream adoption with new DApps engaging with the payment gateway.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Our world today is full of risks, especially with the unknown nature of our global economy & workforce. Here are ways we are accounting for the primary risks we see with this proposal.
- Death by success: Trying to onboard too many excited early customers to try and self fund with revenue. Since primary revenue is earned at mint (at transaction in this case), often infrastructure is underwhelming, under tested, and fails. We aim to solve this by using a launchpad application approach to run several scaling cohorts through, allowing us to vet early projects for alignment, as well as have incremental steps before opening up for general availability.
- Regulation change: Managing custodianship of assets and processing Fiat to NFT’s is a very grey and unregulated space with different jurisdictions around the world. To account for this we are partnering with US & FINCEN approved entities (Circle & Stripe) to facilitate core banking integrations. This allows us to focus on the web2 infrastructure and use approved pipelines for Fiat payments. Our partners also cover the major “friendly fraud” issues that can arise in credit card purchases.
- Software delays: Show me software shipped on time, I’ll show you a software riddled with bugs. This is the largest risk with any DApp project due to unknowns of this decentralized frontier and new technology that becomes available along the way. Similar to our risk mitigation on regulation, we are leveraging as much out of the box (API’s, KYC, etc) so we can integrate and not own the technical debt of these complex systems.